Mbappe is said to be unsettled in Paris, where he is fed-up with favouritism shown to Neymar and the club's other Brazilians.
However, Florentino won't be bidding for Mbappe unless invited by PSG.
Okdiario's chief pundit Eduardo Inda, speaking on El Chiringuito, explained: "Real Madrid is not going to undertake Operation Mbappé this summer and the decision has been made for the good of the club because it does not want to antagonise Qatar, which is the PSG owner.
"The operation can be done in the year 2021."
Florentino has concerns of a transfer war with PSG should he pursue a hostile move for Mbappe.